Optimism and economic choice
Publication
, Journal Article
Puri, M; Robinson, DT
Published in: Journal of Financial Economics
October 1, 2007
We create a novel measure of optimism using the Survey of Consumer Finance by comparing self-reported life expectancy to that implied by statistical tables. This measure of optimism correlates with positive beliefs about future economic conditions and with psychometric tests of optimism. Optimism is related to numerous work/life choices: more optimistic people work harder, expect to retire later, are more likely to remarry, invest more in individual stocks, and save more. Interestingly, however, moderate optimists display reasonable financial behavior, whereas extreme optimists display financial habits and behavior that are generally not considered prudent. © 2007 Elsevier B.V. All rights reserved.
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Published In
Journal of Financial Economics
DOI
ISSN
0304-405X
Publication Date
October 1, 2007
Volume
86
Issue
1
Start / End Page
71 / 99
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1606 Political Science
- 1502 Banking, Finance and Investment
- 1402 Applied Economics
Citation
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Puri, M., & Robinson, D. T. (2007). Optimism and economic choice. Journal of Financial Economics, 86(1), 71–99. https://doi.org/10.1016/j.jfineco.2006.09.003
Puri, M., and D. T. Robinson. “Optimism and economic choice.” Journal of Financial Economics 86, no. 1 (October 1, 2007): 71–99. https://doi.org/10.1016/j.jfineco.2006.09.003.
Puri M, Robinson DT. Optimism and economic choice. Journal of Financial Economics. 2007 Oct 1;86(1):71–99.
Puri, M., and D. T. Robinson. “Optimism and economic choice.” Journal of Financial Economics, vol. 86, no. 1, Oct. 2007, pp. 71–99. Scopus, doi:10.1016/j.jfineco.2006.09.003.
Puri M, Robinson DT. Optimism and economic choice. Journal of Financial Economics. 2007 Oct 1;86(1):71–99.
Published In
Journal of Financial Economics
DOI
ISSN
0304-405X
Publication Date
October 1, 2007
Volume
86
Issue
1
Start / End Page
71 / 99
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1606 Political Science
- 1502 Banking, Finance and Investment
- 1402 Applied Economics